Seated from left: HP Application Services Leader Schel Uy-Marquez; Insular Life First Vice President, Head of Information Services Division Ma Teresa Cruz; Insular Life EVP and Head of Administrative Operations Group Mona Lisa B. de la Cruz.
Standing from left: HP APJ Business Services Sales Go To Market Lead Bithin Talukdar; HP Enterprise Services General Manager-Southeast Asia Rama Adaikalavan; Ibexi Solutions CEO Ashok Bhavnani; HP Enterprise Services Vice President and General Manager – Asia Rajesh Narasimhan; Insular Life President and COO Mayo Jose B. Ongsingco; HP Account Executive CJ Quioaioit; and HP Canada Insurance Services Consultant Joannes Tsang.
HP today announced that it will work with Ibexi Solutions Pte Ltd (Ibexi) on the implementation of a new policy administration system for Insular Life Assurance Company, Ltd. (Insular Life) to enhance customer service.
Insular Life, a leading life insurance company in the Philippines, wanted to expand its portfolio to better respond to changing customer needs at each stage of their life. As a result, the company needed a policy administration system to support its insurance products through their full policy life cycle.
Insular Life selected HP INGENIUM and ProductXpress to help streamline its insurance administration. HP INGENIUM is a high-performance, web-enabled global life, health and annuity policy administration system that will enable Insular Life to reduce the risk of systems implementation. Built on a highly flexible architecture, HP INGENIUM will help Insular Life to:
• Mitigate the inherent risks of administration system implementations with support for a wide variety of policies, procedures, distribution channels, product mixes, organizational structures and target markets.
• Provide 24/7 capabilities with web-based, always-on accessibility to distribution and customer service channels, even during daily batch processing.
ProductXpress is a fully integrated model-driven software suite that will help Insular Life accelerate the introduction of new financial products through its powerful mathematical modeling. ProductXpress delivers speed, accuracy, and corporate governance by stabilizing, then perpetuating, implementation best practices. This will help Insular Life accelerate time to market for new and enhanced insurance products.
“Insurance providers are under increasing pressure to streamline their business processes and quickly deliver innovative products that meet the rapidly changing demands of their customers,” said Rajesh Narasimhan, vice president and general manager, HP Enterprise Services, Asia. “With HP INGENIUM and ProductXpress we are providing Insular Life with a flexible and user-friendly model-driven system that will help enhance efficiency and save implementation time and resources.”
Ibexi solutions will work closely with Insular Life to implement the solutions that manage key business functions. Ibexi provides a full range of business and technology solutions to the insurance industry and is HP Enterprise Services’ strategic partner in delivering services based on HP INGENIUM and ProductXpress.
The new system will enable Insular Life to:
• Develop customer-centric products that focus on addressing different needs and expectations of individuals at different life stages
• Scale its systems to support business growth as they introduce new products and initiatives to adapt to the changing needs of customers
• Speed time to market due to faster implementation times with a service-oriented architecture and a highly flexible, user-friendly interface that maximizes end-user productivity
• Reduce implementation costs by increasing functional capability to support business needs through mix and match features from multiple product lines
HP’s premier Americas client event, HP Discover, takes place June 11-13 in Las Vegas.